China: Traditional supervision cannot be charged with increasing money laundering, continue to crack down on crypto

On September 10, at the 2021 China Beijing Digital Finance Forum, Zhou Xiaochuan, vice chairman of the Boao Forum for Asia, chairman of the Chinese Finance Society, and former governor of the central bank, said that traditional supervision is no longer sufficient to deal with increasingly money laundering activities. This statement suggests that it may continue to crack down on money laundering involving crypto.


Zhou Xiaochuan, the former governor of China’s central bank

Traditional supervision methods are no longer sufficient to deal with increasingly crypto laundering activities

“Using emerging digital technologies in supervision can play a more important and critical role in anti-money laundering customer identification and illegal transactions”, Xiaochuan said.

Regulators and anti-money laundering obligations should strengthen supervision through new technical means and fulfilling anti-money laundering obligations, this is also the future development trend.

The application of regulatory technology should be strengthened, and big data, Artificial intelligence (AI), cloud computing, and other technologies should be actively used to enrich financial regulatory methods, and improve the ability to identify, prevent and resolve cross-industry and cross-market risks.

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